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Stocks fall, U.S. dollar up as investors assess U.S. rate outlook

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China cut its key lending benchmarks as authorities seek to shore up a slowing economic recovery, although concerns about the property market meant the easing was not as large as expected, disappointing markets and sending stocks lower

major currencies, the dollar was up 0.22% on the day, with the euro down 0.14% to $ 1.0907 .

Investors were also anxious to hear from Fed Chair Jerome Powell, who is due to testify before the U.S. House of Representatives' Financial Affairs Committee on Wednesday. "If Mr. Powell remains adamant that the central bank is not done raising interest rates to crush inflation, that could help the dollar stabilize after the big declines we saw last week," said Joe Manimbo, senior market analyst at Convera.

The Australian dollar fell after its latest central bank meeting minutes showed that keeping interest rates unchanged had been under consideration.Oil prices fell sharply following a mixed demand outlook from China. U.S. crude recently fell 1.81% to $ 70.48 per barrel and Brent was at $ 75.32 , down 1.01% on the day.Reporting by Caroline Valetkevitch; additional reporting by Saqib Iqbal Ahmed in New York, Joice Alves in London, Selena Li in Hong Kong and Anisha Sircar in Bengaluru; editing by Susan Fenton, Jason Neely and Richard Chang

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